To renovate or to knockdown and rebuild! It’s an age old question and like everything relating to property, the answer will be very much dependent on your individual circumstances. Here are our top 5 things that you should consider to help to decide whether to renovate or rebuild.
- Costs of the project. It’s an obvious place to start but if you are planning a major renovation that will require a number of structural changes to the property, then it can often be cheaper to knockdown and rebuild. However it is also dependent on the type of block that the property is on. It will be much simpler and therefore cheaper to knock down and rebuild a home on a flat block than on a sloping block or one with very tight access.
- A related point to consider would be potential future costs. A new home will generally be easier to maintain, more energy efficient and less susceptible to damage from termites meaning that you may need to spend considerably less on the property into the future.
- When considering whether to renovate or rebuild you also need to take into account local planning laws which can be incredibly tough to navigate. Depending on the type of dwelling and the nature of the changes that you want to make, you may need planning and/or building approval and/or other permits.
- Logistics. You need to consider how long a project will likely to take. This is of particular importance if you live in the property as you will need to consider alternative living arrangements for a knockdown / rebuild whereas for a renovation, you may still be able to live in the property.
- And finally, you should factor in market conditions. If the property is in an area where land is scarce and there is little risk that the cost of the project will be greater than the value it adds to your home, then it may be better to knockdown and rebuild than renovate.
Ultimately it is vital to do your homework before deciding whether to renovate or rebuild. If you are considering renovating or rebuilding, with over 20 years worth of experience of building in SE QLD, you can trust the team at Maddison Constructions to give you the best advice possible.
